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Friday, 16 December 11
DRY BULK MARKET LOSES TRACK ON CAPESIZE LOSSES, SHIP FINANCING REMAINS TROUBLESOME - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market didn’t manage to sustain earlier gains, losing track yesterday, on reduced Capesize demand and persisting troubles in smaller ship sizes, with the bright exception of Panamaxes, which have been steadily recovering this week from earlier losses. As a result the industry’s benchmark, the Baltic Dry Index (BDI) was down by 1.2% to 1,889 points, with Capesize leading the losses. The BCI (Baltic Capesize Index) was down by 2,22% to 3,571 points, while both Supramaxes and Handysizes were also on the negative track, losing 0.5% and 0.6% respectively.
In a report this week from shipbrokers Intermodal, the issue of ship financing was the main focus. According to the shipbroker, troubles remain in the sector and have seemingly deteriorated further as news continues to surface with regard to financially troubled ship owners and ship finance houses. An increasing number of listed shipping companies have been filing for Chapter 11, many are ugently looking to restructure their debt and secure their financial position, while others are resorting to cancelling new building orders, because of their inability to follow through with them.
Intermodal’s George Lazaridis said that “since Since the start of the crisis, financing has been limited for shipping companies as most western markets are strapped for cash. Many German owners have already felt the deteriorating conditions as their traditional source of financing, the KG market, has been dried up and is unlikely any time soon to witness similar funding volumes compared to those in the past. In the rest of Europe, banks are lacking lending capability and due to the heavy regulations and stress tests they are subjected to, have been trying to restructure most of their portfolios and are not in their current state ready to extend to much new business and new clients.
With the European debt crisis looking to continue while at the same time fundamentals point to a poorly performing freight market in 2012, it is expected that we will see financing problems carry on for shipowners. They will have to find novel ways to manage their cash flows and ride out the storm. On the other hand, all this turmoil has surfaced and will continue to provide perfect investment opportunities for cash rich shipowners. Secondhand prices have dropped considerably for both tankers and bulkers this year, while current earnings, although at low levels, are ample enough to cover in most cases OPEX costs and fairly inexpensive CAPEX costs. What’s more is that buying at current levels means that you have secured shipping assets at fairly close to their rock bottom levels and as long as you can operate them and maintain them long enough there is opportunity for considerable gains to be made once the tide turns. After all, shipping is a long term investment and is accustomed to market cycles just like any other market” said Mr. Lazaridis.
He went to state that with all that in mind and considering the fact that there are few investment options out there beyond shipping, that can secure a highly enticing return; “shipping assets remain a comparably good and sound investment option. One only has to look at the US and European stock markets these past months to confirm this. Going back a couple of years and you would find your stockbroker advising you that the safest bet in the stockmarket is shares in large financial organisations; claiming guaranteed return and ever increasing prices. It is not the opinion of this writer that shipping assets are a safer bet, but to “shipping people” it is an investment decision they know and understand much better. That on its own makes for much better risk management.
It is no surprise therefore that we see the same nationalities holding the top position for shipping investments. Greeks continue to lead the SnP market and are likely to close the year with an investment of over $ 4.5bn in secondhand vessels, while Chinese are close second though with a considerably lower total investment sum. What drives the point home is that this was done in the back drop of a major Greek sovereign debt crisis which has been unfolding since early 2010” concluded Lazaridis.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
Monday, 05 December 11
THE DECEMBER HBA FELL 11% FROM ITS PEAK AT US$127.05 PER TON IN FEBRUARY 2011
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the December 2011 coal reference price at US$ 112.67 per ton US$ 3.98 ...
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- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Ministry of Mines - Canada
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
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